Hon Hai Precision Industry Co (鴻海精密) chairman Terry Gou (郭台銘) was planning to meet with Sharp Corp’s board at its headquarters yesterday and make his case for a raised offer to take control of the Japanese electronics maker for about ￥660 billion (US$5.4 billion), according to a person familiar with the matter.
The offer is designed to beat out an alternative deal with a Japanese government fund and would include about ￥390 billion to buy new shares for a controlling stake, said the person, who could not be identified because the information is not public.
About ￥225 billion would be used to buy preferred stock in Sharp, primarily from the company’s two major banks, and another ￥45 billion would be used to buy land from the company.
Sharp has been discussing competing bailout plans with Hon Hai, also known as Foxconn Technology Group (富士康), and the Innovation Network Corp of Japan (INCJ). INCJ might invest about ￥300 billion in Sharp, people familiar with the matter have said.
Though the Taiwanese company is offering more money, Sharp is said to be leaning toward a deal with INCJ, which would keep its technology within Japan and allow it to cooperate more closely with domestic companies, according to sources.
Sharp is continuing talks with companies on the restructuring of its LCD business, company spokesman Yoshifumi Seki said by telephone yesterday, without identifying the participants.
He declined to comment on details of the negotiations.
Sharp’s US depositary receipt rose as much as 13.4 percent to US$1.27 and closed at US$1.25 on Friday.
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